Yes, it seems insufficient in so many ways, but it is a huge step in the right direction.
Getting countries like Ireland, who are getting rich helping big tech legally avoid taxes, to sign on was very difficult.
I think Yellen deserves a lot of credit for this.
SSE has both pros and cons. It’s far more nuanced than that.
Note that Ireland has already implemented this, and I'd estimate the chance of it being made into US law as less than 10%.
> The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.
https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-cor...
That's definitely good news.
This is not helpful, except to those that benefit from a lack of controls. Pursuing the perfect law is ridiculous, conceptually. The history of the US has been predicated on eventual alignment with populist goals. Some Americans have heard of "the amendments" to a specific document, to this aim.